The big problem for me I think (and I might have mentioned this before) is that half elves and full elves are near indistinguishable in terms of appearance. The only difference is ear length. While there is some variance in the art, elves are constantly being described as being immediately recognizable from humans due to their features and that being reduced to ear size/shape is just a shame.
Personally, I'd like to see a little exaggeration with their features. The larger, inwardly angled eyes are a pretty deeply-rooted look for them even if it doesn't show up in every art piece. Would be nice to see some of those noted angular faces too. There was even that piece in one of the 3.X books IIRC that showed the proportions/angles that were used as a sort of guide for elven features. So there's certainly lot of material for Larian to go on. Plus, the dwarven, halfling, gnomish and githyanki facial models all look tweaked from their base scans to me, so it's really odd that elves stand out as just using unmodified scans.
This isn't a dig at the faces available, that they are ugly or anything-there are some great face models available to the elves. Aside for one or two though, they just don't look particularly very classically 'elven' IMO.